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CAF (CAF) investor relations material

CAF Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Jul, 2025

Executive summary

  • Achieved record order intake of €3,069m in H1 2025, up 78% year-over-year, driving backlog to a historic €15,590m (+6%) and supporting strong future sales visibility.

  • Revenue grew 4% to €2,174m compared to H1 2024, with EBIT up 12% to €114m and net attributable profit rising 40% to €73m.

  • Strong commercial momentum in zero-emission buses and rail maintenance services, with Solaris and services segments showing exceptional growth.

  • Maintained a stable financial position with Net Financial Debt/EBITDA at 0.7x and available liquidity of €1,013m.

  • Strategic focus on sustainable mobility, innovation, and operational efficiency, with progress in decarbonization and ESG initiatives.

Financial highlights

  • Order intake reached €3,069m (+78% year-over-year); backlog at €15,590m (+6%); book-to-bill ratio at 1.4.

  • Revenue increased 4% to €2,174m; EBIT margin improved to 5.2% (+0.3p.p.); net profit attributable to parent up 40% to €73m.

  • Bus segment revenue grew 20% to €519m, with 765 vehicles delivered (68% zero-emission); railway segment revenue stable at €1,655m.

  • CAPEX for H1 2025 was €25m, down from €40m in H1 2024; further investments planned for H2 2025.

  • Net Financial Debt stable at €225m; available liquidity at €1,013m; stock market capitalization at €1,599m.

Outlook and guidance

  • Forecasts near double-digit revenue growth for 2025 versus 2024, with improved profitability and financial strength.

  • Book-to-bill expected to remain ≥1; selective order intake and stable Net Financial Debt/EBITDA ratio.

  • Strategic plan aims for €4.8bn sales and €300m operating profit by 2026, with progress toward climate neutrality.

  • Sustainability focus includes emission reductions amid increased activity.

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Frequently asked questions

Construcciones y Auxiliar de Ferrocarriles S.A. (CAF) is a Spanish company specializing in the manufacture and supply of railway vehicles and equipment. Founded in 1917, CAF has expanded its expertise beyond freight car production to include a broad range of rolling stock, such as high-speed trains, locomotives, commuter trains, subway trains, and streetcars. In addition to rolling stock, CAF also focuses on components and spare parts for railway systems, offering wheels, axles, gear units, traction and signaling systems, and energy storage solutions. The company's comprehensive services encompass technical assistance, maintenance, after-sale services, and the development of rail infrastructure. The company is headquartered in Beasain, Basque Autonomous Community, Spain, and its shares are listed on the Spanish stock exchange.

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